The Inland Revenue Authority of Singapore (“Singapore Authority”) and the Australian Taxation Office have entered into a Competent Authority Agreement (“Agreement”) on the automatic exchange of financial account information based on the Common Reporting Standard. The CRS is an internationally agreed standard for automatic exchange of information, endorsed by OECD and Global Forum for Transparency…
The AAT has affirmed the Commissioner’s decision refusing a taxpayer’s claim for certain work-related travel expenses. During the relevant year, the taxpayer worked as a first class “sheet metal worker” and he was required to drive to the Alcoa Alumina Refinery at Wagerup WA, which was located 57.5kms from his home on a daily basis.…
In a decision handed down on Mon 5.9.2016, the AAT held that a taxpayer was not entitled to a deduction claim in relation to a “service charge” and it also affirmed an administrative penalty imposed for failure to lodge a tax return on time. The issue before the AAT was whether the taxpayer was entitled…
Background 1. The Australian Taxation Office is responsible for the management of income tax issues for approximately 1400 large public groups and superannuation funds operating in Australia. In 2014–15, the two types of entity contributed $47.6 billion (or 65.5 per cent) of the total income tax receipts collected from companies and superannuation funds.1 In 2014–15, the Australian Taxation Office…
A taxpayer has been partly successful before the AAT in discharging the onus of proving that various amounts deposited into his bank accounts from the 2001 to 2008 income years were not income, but were other amounts, which he could explain. At the same time, he was able to demonstrate there was no fraud or…
The Minister for Revenue and Financial Services: Ms Kelly O’Dwyer, introduced the International Tax Agreements Amendment Bill 2016 in the House of Representatives on Thursday 1.9.2016. It proposes to amend the International Tax Agreements Act 1953 to give the force of law in Australia to the double tax agreement (DTA) between Australia and Germany that…
The Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016 was introduced in the House of Reps, on Thursday 1.9.2016. It contains the following proposed amendments. Corporate Tax Rate Reduction – 27.5% for SBE’s and 25% for all in 11 years The Bill proposes to amend the Income Tax Rates Act 1986 to reduce the corporate…
On 1 September 2016, the Treasurer introduced the Treasury Laws Amendment (Income Tax Relief) Bill 2016 to amend the rates act to increase the threshold for the 32.5% from $80,000 to $87,000. The result will be that individuals (voters) will now need taxable income over $87,000 to start paying tax at 37% rate (that is,…
T a x T e c h n i c a l – M o n t h l y N e w s – September 2016 Developments – This is a collection of developments in Australian tax law and practice that occurred in September 2016 which aims to be relevant to tax practitioners.[i] Compiled By F John…
Brussels, 30 August 2016 The European Commission has concluded that Ireland granted undue tax benefits of up to €13 billion to Apple. This is illegal under EU state aid rules, because it allowed Apple to pay substantially less tax than other businesses. Ireland must now recover the illegal aid. Commissioner Margrethe Vestager, in charge of…
